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dispute settlement procedures and rules and enforcement of new obligations upon environment and labor. now, let me turn very quickly to the ttip negotiations. i have a little lesson that i can say on this because they are at an earlier stage of negotiations. though they are also important because the transatlantic economic relationship is our most significant commercial relationship. it's not our most significant trade partnership. the tpp actually is more valuable in that front, but we are talking about over a trillion dollars of two-way trade in goods and services between the united states and the european union, and over $4 trillion in foreign direct investment in each other's market. so it is a huge, huge adventure. the ttip negotiators seek to eliminate tariffs and substantial reduce nontariff barriers in trade and investment. that's a traditional part of the agenda. but as miriam noted, there's also ambitious goals with regard to coordinating or harmonizing regulatory policies affecting trade in goods and services. and that's what the biggest payoff could come very hard to estimate t
and the environment. i want to leave plenty of time for a robust q&a session, so i'll just briefly highlight four of these agreements that help make up part of a much broader trade agenda. first, on tpp, the united states trade representative just with regard up meetings with trade ministers from 11 other countries that took place in singapore where they made progress on an ambitious next generation trade investment partnership that spans the asia-pacific and that reflects u.s. economic priorities and values. the tpp as we call it will strengthen u.s. ties with a market of nearly 500 million people that represents nearly 40% of global gdp and has a growing middle class. according to the peterson institute, tpp would generate an additional $124 billion in u.s. exports, and that's just with our current 11 partners. i call tpp a next generation agreement because it is raising the bar over past agreements. for example, by pursuing the highest labor and environmental standards ask by strengthening ipr provisions to encourage greater innovation. second, tpp is taking on new issues that have never befor
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